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Credit Suisse names new asset management head, separates out division

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FILE PHOTO: The logo of Swiss bank Credit Suisse is seen in Bern
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ZURICH (Reuters) - Credit Suisse on Thursday named a new head of asset management and said it would separate the unit out from international wealth management to become its own division.

"Subsequent to the announcements regarding the Credit Suisse Asset Management (CSAM) managed supply chain finance funds, the Board of Directors of Credit Suisse Group AG today announced the appointment of Ulrich Körner as CEO Asset Management and a member of the Executive Board of Credit Suisse Group, effective April 1, 2021," the bank said in a statement. "The current Global Head Asset Management, Eric Varvel, will work alongside Ulrich Körner in the coming months to facilitate the transition, and will then focus on his other roles (at the bank)."

(Reporting by Brenna Hughes Neghaiwi, editing by Silke Koltrowitz)